Silver to keep outperforming Gold in 2013 : Morgan Stanley

The bank also cut silver price outlook for 2013 by 4% to $33.44 an ounce but said silver should continue to outperform gold on a relative basis this year, despite expected volatility, it added.

In a statement, Morgan Stanley however said macroeconomic conditions remain favorable for further price appreciation in the yellow metal.

The statement said the bank remain bullish on the gold price outlook in 2013 despite recent selling pressure triggered by market concerns of an earlier-than-previously-anticipated tightening in U.S. monetary policy.